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Saving money is getting tougher and tougher these days. It seems as though everything is so expensive, which makes it challenging to get ahead of your finances but saving money doesn’t have to be an uphill battle.
Saving money should be a priority and fortunately it is possible without become an extreme coupon-er or resorting to cutting your own hair.
These simple money saving tips and ideas can help you save every day on expenses. It’s never been easier to save while you work, travel or study in 2023.
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Spring clean your subscriptions
Most of us are signed up to subscription services including Netflix, Disney+, Spotify. With countless services available, it may be chewing through your income more than you realise. Setting aside an hour or two to audit them could be time well spent.
Once you know exactly what’s leaving your account each month, cancel any you don’t use or think you don’t use enough to warrant paying the fees. Although be sure to only delete the direct debits you are not committed to paying each month.
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Be patient
If you’re prone to impulse buying online, you might want to try leaving items you want (but don’t need) in your virtual basket for a while before committing. It could mean you realise the purchase isn’t worth it but if you decide to go head, some retailers will send discount codes to encourage would-be customers to complete their transaction.
This trick only works if the retailer already has your email address, so you’ll need to either be logged in when you add items to the basket, or far enough through the checkout process to have provided contact details.
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Plan your meals
Planning meals in advance and using a shopping list can reduce impulse buying and food waste. Including less meat can also cut the cost of your meals. If you don’t forgo meat altogether, you could make it go further by adding pulses such as lentils to bulk up stews, chillies, curries, and soups.
You can also use any left overs for lunch the next day to save money by avoiding purchasing lunch out.
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Planned regular no-spend weeks
A no-spend wee can be a great way to reset your spending habits and put some extra cash towards your financial goals. Sometimes spending on negotiables such as takeout meals, socialising and unnecessary internet shopping can get a little out of control.
My rules for a no-spend week are simple: for seven days, I only spend money on bills and essential transport. If I need anything else, I just have to make do and wait until the next week. This gives me some time to determine if I really need them as well as letting me put more money into my savings.
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Switch to a small mobile plan provider
Since 2020, major telcos like Optus, Telstra and Vodafone have increased their phone plan prices with the cost of post-paid plans increasing and pre-paid plans moving to shorter expiry periods.
A great tip for saving on your mobile plan is to ditch the major plan providers and look for smaller companies. These companies tend to offer cheaper deals while still utilising the larger company networks, meaning you get the same coverage at a cheaper rate.
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Have a night in
It’s easy to keep the cash flowing when you’re out having a good time with your mates. One way to avoid blowing your hard-earned cash is to have a night in with friends instead of hitting the bars. You can mix your own drinks, dim the lights, and play card games or even just have a good old conversation.
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Reduce your transportation costs
While changing how you get around might be difficult, think about how you could reduce your transportation costs. Depending on your situation, perhaps you could work remotely, eliminating the need for two family cars. Take public transport if possible – with park ‘n’ rides available in most Australian cities. Or if you live in a bikeable city, you could consider biking to work.
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Improve your home’s energy efficiency
Energy efficiency is more important than you might realise, especially if you live somewhere that gets very hot like Australia. Depending on your budget, you could opt for something that costs a lot upfront such as solar panels, which while are expensive, can save you money in the long run.
Other ways to save money on your home’s energy is to take short showers, use compact fluorescent light bulbs, and closing your blinds and curtains on hot summer days to keep your home cooler.
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Refinance your debt
You may end up saving money on interest by combining your debts into one loan. It makes it easier to keep track of your finances and will only have one payment coming out regularly. You do need to ensure you’ll actually be paying less on interest before you commit to a debt reconsolidation loan.
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Set up a personal budget
My best money saving tip is to take some time and set up a personal budget sheet. It can be easy to become discouraged when you set off down the frugal living path but starting a budget is an essential part of saving money. Documenting your expenses can be the best way to see just how much you’re saving and where you can cut back. Before you know it you’ll have a nice savings account to spend on something special.
A popular budgeting method is the 50/30/20 method which means 50% of your money goes to needs, 30% goes to wants and 20% goes to savings. Although there are many alternative methods that may suit your situation better.
The post Top 10 Ways to Save money in 2023 appeared first on Luxuriously Stylish.
